Double the VC for DC
Q2 2024’s $1.7 billion is the greatest sum of funds for the region since the first quarter of 2022, according to the latest quarterly Venture Monitor report that PitchBook and the National Venture Capital Association released on Thursday.
The United States’ total capital raise last quarter was valued at $55.6 billion across an estimated 4,226 deals, with JUUL’s raise being the nation’s third largest. The e-cigarette company relocated to DC in 2020 but still has a prominent presence on the West Coast.
Experts say the national trends still point to a slowdown, though. Alex Shtarkman, a vice president at Revolution Ventures, explained that VCs now look for capital-efficient, high-growth companies.
“With limited time and capital, funds are on the hunt for companies with bulletproof fundamentals or those with exponential growth potential,” he told me.
➡️ Check out more regional venture capital trends in my latest report here.
Bundling music and tech for business success
Jonathon Shepeard has been composing and recording music for more than 15 years, using different types of technology like a MIDI keyboard. This knowledge helped him develop the platform Payments Plug, which allows companies to combine services like banking and IT in one place.
“I’ve always been into music, and always been business-minded as well,” Shepeard told Technical.ly. “When it comes to the Payments Plug, I pretty much put all my talents together.”
➡️ Learn more about Payments Plug in reporter-at-large Holly Quinn’s report here.
News Incubator: What else to know
• Mayor Muriel Bowser announced the “Office to Anything” initiative at the ribbon-cutting for the first office-to-residential building project in downtown DC. This new program will incentivize building conversions for retail, hospitality or other uses through a 15-year temporary property tax freeze. [Mayor’s Office]
• BetMGM is rolling out its sports betting app in DC next week. The DC Council voted to open its betting market to more companies last month. [WTOP]
• The Federal Trade Commission found that many platforms providing subscription services use manipulative design techniques to push users to purchase. [TechCrunch]
• Members of Congress are calling on President Biden to do more to get crypto investigator Tigran Gambaryan freed from jail in Nigeria. [Wired]
• Last call for nominations! It’s the time of year when we pull together our RealLIST Engineers, a feature that recognizes influential technologists and developers whose impact extends beyond their technical prowess. Submit your suggestions for DMV honorees by the end of the week. [Technical.ly]